07:52 AM EST, 01/13/2025 (MT Newswires) -- Barrick Gold ( GOLD ) traded down 2.2% at last look Monday on the NYSE after it recommended shareholders reject a "mini-tender" offer from TRC Capital Investment.

TRC's offer to purchase up to 5 million shares, or a 0.3% stake, for $21.35 apiece undervalues the company, Barrick said. The shares closed down 1.9% Friday at $22.70. The miner said the offer represents a 4.52% discount to its share price on the TSX on Jan. 7 and a 4.38% discount to its share price on the NYSE on the same day.

"Barrick does not endorse this unsolicited offer, is not in any way affiliated or associated with TRC Capital or its offer, and recommends that shareholders do not tender their shares to this unsolicited mini-tender offer," the company said.

Barrick said TRC has made several similar unsolicited mini-tender offers for shares of other public companies, noting that such offers are designed to avoid investor protections such as disclosure and procedural requirements applicable to most takeover bids and tender offers under Canadian and U.S. securities laws.